Montel loaned $6800 to a friend for 13 months at an annual rate of 7.7% simple interest. How much interest did the borrower owe?
$5236 interest(not total)
how you getting 5236 ?
I = Prt
I = 6800(7.7)(1.8)
I = 9424.8 ... I think
I=prt
6800(0.077)13/12)=565.49 ??
565.49 is right.
sorry i am second grade
To calculate the amount of interest owed on a loan, you can use the formula:
Interest = Principal x Rate x Time
In this case, the principal (loan amount) is $6800, the annual interest rate is 7.7%, and the time is 13 months.
First, convert the annual interest rate to a decimal by dividing it by 100: 7.7% / 100 = 0.077
Next, calculate the interest by substituting the values into the formula:
Interest = $6800 x 0.077 x 13
Multiply the principal by the decimal interest rate and then by the time in years (since the interest rate is annual) to get the interest owed:
Interest = $6800 x 0.077 x 13 = $6800 x 0.1 = $680
Therefore, the borrower owes $680 in interest.